Retiree sells house, loses RM132,590 in forex scam

A 73-year-old retiree residing in Teluk Intan has reported losing RM132,590 due to a fraudulent foreign exchange (forex) investment scheme. The victim's funds were partly sourced from the sale of his house. The scam was introduced to him by an acquaintance who assured him of high returns on investment. Initially, the victim invested RM132,590 in stages over a period of two months.

However, when he could no longer access the investment platform on September 14, he became suspicious. He did not receive any returns or a refund of his initial capital as promised. The case is currently under investigation by the Hilir Perak district police, who are looking into Section 420 of the Penal Code, which deals with cheating offenses that carry up to a 10-year prison sentence, whipping, and a fine.

Police are urging the public to be wary of investment opportunities that promise quick and high returns. They caution against using retirement funds, sale earnings, or daily living money for unverified investment schemes. Anyone who believes they have been scammed should contact the National Scam Response Centre at 997 or report the incident to the police for further action.